US stocks fell on Tuesday, led by tech names as the market returned some of the strong gains from the previous session.

The S&P 500 was down 0.6% after the broad equity benchmark rose more than 2% on Monday for its best day since June. The Dow Jones Industrial Average fell 30 points and the tech-heavy Nasdaq Composite fell 0.8% as Apple and Microsoft fell 1% each.

Technology and real estate were the two worst performing sectors, falling more than 1% each. Slight increases in materials and consumer staples gave the broader market some cushion.

“Markets could be caught in a tug-of-war between what to expect and pandemic-induced uncertainties, compounded by other, more difficult-to-quantify market stimuli,” said Chris Hussey, chief executive officer at Goldman Sachs, in a note. “On days like today when there is no news and little macro to help investors maintain confidence, we see what if – sideways trading across all sectors coupled with a decline in interest rates.”

The 10-year Treasury yield, which has been a focus for stock investors lately, fell to 1.41%. The policy rate appeared to be stabilizing this week after hitting a high of 1.6% last week, allaying some fears about higher borrowing costs and inflation.

Still, some investors believe that it is inevitable that returns will trend higher this year amid an economic recovery and potentially stronger fiscal stimulus that could shrink the stock multiple.

“10-year returns are not (yet) at the level at which investors are selling their stocks wholesale, but the recent surge has put an end to the PE expansion process,” said Adam Crisafulli, founder of Vital Knowledge, in a note.

Meanwhile, others believe the jump in earnings reflects improving economic growth and rising earnings forecasts. Stocks should be able to absorb higher interest rates over the long term if they rise at a reasonable pace.

President Joe Biden said Tuesday that Merck will help manufacture Johnson & Johnson’s single-shot Covid vaccine as the country tries to increase supply.

The economically sensitive cyclical sectors continued to outperform the broader market amid optimism about vaccines and economic recovery. Energy and finance are up 28% and 12% respectively since the beginning of the year.

US stocks started March on Monday with a sharp rise: the S&P 500 rose 2.4%, the Dow Jones Industrial Average rose nearly 2%, and the tech-heavy Nasdaq rose just over 3% after he lost 4.9% last week. Both the Dow and Nasdaq had their best trading day since November in return

Target’s stocks reversed early gains and traded more than 4% lower, despite booming sales. The retailer declined to give a forecast for 2021.

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